Spray the lube on the hinges of the balisong.
Hold one side of the handle in one hand, along with the knife blade, and with the other hand work the other side of the balisong handle back and forth. Do something like 100 back and forth motions.
Switch sides, and work the other handle back and forth. It is important to give each hinge roughly the same amount of work, so that both sides are equally loose, so do 100 back and forth motions on this handle as well.
Spray more lube on to the hinges, and continue working the handles in this way until the balisong is satisfactorily loose.